Home Insurance Canada
Your Trusted Home Insurance Broker
Looking after your home, protecting your family and securing a roof over your head is non-negotiable. It’s what you do, after all. Your home is an investment and it’s a place of cherished memories for you and your family.
Sharp Insurance believes in the importance of getting insurance for your property as much as it believes in wearing a helmet while riding a bike. It’s for your safety, and we highly recommend protecting what is easily your largest asset.
In the past, getting insurance used to be a long process — finding and comparing home insurance quotes. With Sharp Insurance, the process only takes just a few minutes, and our home insurance brokers work on your behalf to help you find the best rates in the industry.
Think of Sharp Insurance as more than just your typical home insurance brokerage. Thanks to our connections with some of Canada’s top-rated insurance companies, we can help you get the best coverage for the best price. Our home insurance quotes are competitively priced.
Want to see the difference for yourself? Fill out an online form and get started.
Get a QuoteWhat’s Included in Canadian Home Insurance Coverage:
In Canada, home insurance coverage may vary depending on your provider and the choices you make when you choose a policy. Unlike auto insurance, home insurance does not include any mandatory coverages. Therefore, everything you select is your choice. That being said, some mortgage lenders will require some level of insurance to protect their investment.
What is typically offered is detailed below:
Property damage
This component of a standard home insurance policy may protect you if you need financial assistance to repair or rebuild your home (or any of its external structures) should they be damaged because of an insurable peril, such as a fire or windstorm. This coverage may also include your personal belongings.
Personal liability
If your property is damaged or destroyed, or a visitor is injured while they are visiting your home, this coverage may help cover you for any repair costs or legal expenses if you are sued.
Additional living expenses
This coverage provides you with reimbursement if you are forced to evacuate your home due to a covered claim. Additional living expenses may include food, accommodation, clothing, childcare and transportation.
Home Insurance Add-On Coverage
Depending on your policy, you may have coverage for things like lock replacements, if you are a victim of theft, or frozen food replacement, for a food spoilage claim. Endorsements are also available for identity theft coverage. Certain standard policies may also include minimal coverage for events where your personal data is stolen.
Sharp Insurance brokers are happy to help you identify the amount of coverage you need for your personal circumstances. Many homeowners may only require what is considered standard coverage, whereas many policyholders will need much more than the average.
Read More:
Get a Quote
What events are covered under a standard home insurance policy?
Insurable perils are different events that can cause losses that might be covered under your home insurance policy. Below are some of the most common insurable perils:
- Fire
- Smoke
- Explosion
- Lightning
- Electrical current
- Wind
- Hail
- Weight of snow (causing a roof collapse)
- Falling object
- Impact by vehicle or aircraft
- Riot, vandalism, theft and other malicious acts
- Certain types of water damage (usually caused by plumbing or appliances)
- Sewer backup*
- Overland water (flooding)*
- Earthquake and landslides*
*Listed perils may not be covered by standard insurance and may require an endorsement (if eligible).
Read more:
Is Home Insurance Mandatory in Canada?
Home insurance, unlike car insurance, is optional. But if you have a mortgage, chances are your bank or mortgage lender will require you to purchase some level of home insurance. Otherwise, they may require you to consider forced insurance, which costs a lot more and likely only provides the mortgage lender’s investment — and none of your own personal liability. In this case, it’s best that you purchase a separate policy. Just think — what would you do if a storm or a fire were to destroy, or partially damage, your home and its contents? Home insurance would likely protect you in these instances. But if you decided to skip home insurance coverage, you’d have to pay the resulting costs out-of-pocket.
Get a Quote
5 Top reasons why you should carry home insurance in Canada:
- Your mortgage lender requires you to carry it.
- You may not be able to afford to replace your belongings or repair/rebuild your home if something happened.
- You require the extra support that additional living expenses could provide following a disaster.
- If you were faced with a lawsuit, you’d struggle to cover any legal costs.
- You want peace of mind.
Read more:
What is not covered by my home insurance policy?
Almost any home insurance policy you purchase will contain exclusions. No policy covers everything. Some exclusions include:
- Wear and tear
- Mould
- Damage caused by insects, vermin and animals
- Water damage from frozen plumbing (if the homeowner is away)
- Damage caused by illegal activities by the homeowner
- War or terrorism
- Nuclear incidents
If your home is left vacant for more than 30 days in a row (and no one checks on it), you may not have any protection if your home is damaged.
Your home may not be covered if it is damaged because of a landslide, earthquake, flooding or sewer backup, if you have not purchased the necessary endorsement.
Your home insurance policy coverage depends largely on your insurance provider and your policy. This is why it’s a good idea to work with a Sharp home insurance broker. Our experts have the necessary grit and experience to get your insurance needs met.
Get a QuoteStandard Home Insurance Coverage Options
To ensure your home insurance policy and coverage options are the best choice for your personal circumstances, you will need multiple customization options to select from.
First, you can choose from a list of coverages. These may include the type of perils and the quantity that you will have protection for. Insurance companies offer different levels of protection, including:
- Limited basic: This coverage is customized for properties that are not covered under normal circumstances, like an as-is home, which has limited physical damage coverage.
- Named perils or basic: These policies only cover certain exposures.
- Broad: Covers your home for a comprehensive list of perils but provides only named perils coverage for your content.
- Comprehensive: Offers the most protection for your home and content. Offers coverage for everything unless it’s specifically excluded.
Once you choose a level of coverage, you can select additional coverages, including:
- Sewer backup: Covers damage caused by the backup of your home’s sewer and drains.
- Overland water: Covers flood damage caused by the overflow of lakes and rivers, snowmelt and precipitation.
- Ground water: Some insurers offer coverage if ground water rises and floods your home.
- Earthquake: Covers damage caused by earthquakes and landslides.
- Service lines: Helps cover the repair or replacement of service lines on your property, including sewers, water mains, electrical cables and internet lines.
- Bylaws: Covers the costs for bringing your home up to current bylaws, if you need to rebuild after an insured loss.
- Identity theft: Extends identity theft coverage to be more comprehensive.
- Floaters: There are typically set limits for your content. If you have jewellery, sports equipment, electronics or collectibles that are worth more, you may want to assess the benefits of acquiring a floater add-on. This may ensure that higher-value items are insured for their actual value, and not a fraction of their price and allows you to get the higher value back if your items are damaged.
Note that some of the options above may be included as part of a comprehensive package, which some insurers offer.
Loss Settlement Options for Home Insurance
Loss settlement options may determine how much you will be entitled to receive if a loss occurs. Depending on your insurance company, you may choose between the following three options:
- Actual cash value: the market price minus depreciation.
- Replacement cost: the cost to replace the item as-is.
- Agreed value: the value agreed upon between the insured and insurer.
Home Insurance Coverage Limits in Canada
Policy limits are the maximum amount of money your policy may pay out over a 12-month policy period. Different sections of your policy may be subject to different limits. For example, your personal belongings or content may have a different limit than your dwelling coverage.
When you choose your policy limits, you may be presented with several options. Choose a limit that will allow you to fully cover repairs, the replacement of your content and rebuilding your home as it stands. But ensure your limits are not too high, so that you’re not spending money for coverage you don’t need.
A Sharp Insurance broker can help you determine an accurate policy limit for your needs and your budget.
Get a Quote
Determining your Home Insurance Deductible
A deductible is your percentage of the allotted risk. It’s the amount you pay in the event of a loss before your insurance company pays the rest. You could have a deductible of $500 or a deductible of over $5,000. The higher your deductible, the lower your insurance rate.
Choose your deductible wisely. It should be the highest amount you’re willing to pay out-of-pocket.
Some home insurance companies may offer what is known as a disappearing deductible, where your deductible diminishes with the amount of time you remain claims-free.
The Cost of Home Insurance in Canada
Home insurance costs vary in Canada depending on the type of home, where you live and many other factors. Different insurance providers will weigh your individual risks differently.
Below are some common variables that can impact your home insurance rate:
- Your insurance and claims history
- Your credit rating
- Your home’s construction (materials and type)
- The size of your home
- How much it would cost to rebuild your home
- The age and type of your home’s roof, plumbing, heating and electrical systems
- If you have a pool, trampoline or other risk
- If you have security or loss mitigation devices installed (like burglar alarms and sump pumps)
- If you rent out a room or suite in your home
- Proximity of a fire station and fire hydrant
- The claim rate in your area
- The crime rate in your area
- The frequency and severity of natural disasters
- How close you are to risks (e.g., rivers)
- Discount eligibility
- Policy options (loss settlement, policy limits, deductible, coverages)
Given the factors above, you could have two homes situated side-by-side with entirely different home insurance premiums and coverage options.
Did you know?
Your postal code can be a factor in how much you pay for your home insurance. It’s always a good idea to research your new neighbourhood (crime rate, etc.) before you buy a home, as its’ location will impact your premium.
Did you know?
Your postal code can be a factor in how much you pay for your home insurance. It’s always a good idea to research your new neighbourhood (crime rate, etc.) before you buy a home, as its’ location will impact your premium.
Canada Home Insurance FAQ
The coverage you need largely depends on your situation. Some mortgage lenders will require a certain amount of coverage. Always ensure the coverage you buy adheres to the agreed-upon amount.
We recommend having an all-risk or comprehensive policy that has limits to adequately protect you. Ask one of our Sharp brokers for further information.
Work with a Sharp home insurance broker today to determine your coverage limits.
Home insurance rates are meticulously calculated using decades of past data. By changing your risk profile, you can ultimately change your insurance rates for more affordable home insurance.
Below are some tips to help lower your premium:
- Bundle your insurance policies (e.g., home and auto)
- Raise your deductible amount
- Shop around and get home insurance quotes from different companies
- Install security devices (e.g., burglar alarm)
- Install a loss mitigation device (e.g., sump pump)
- Upgrade your roof, exterior finish, heating, plumbing or electrical
- Ask about discounts
- Review your insurance yearly
Homeowners insurance may refer specifically to a property that you own — a full-scale home — where home insurance could be an overarching term used to refer to condo insurance or tenant insurance. In essence, they’re the same — insurance coverage for your property.
Areas We Serve
Alberta| Calgary | Edmonton | Fort McMurray| Grande Prairie| High Prairie|
Lethbridge| Medicine Hat | Red Deer| Whitecourt
Ontario| Kanata| Ottawa| Toronto
Manitoba | Saskatchewan| British Columbia
Our insurer partners offer the best
rates and coverage options!
Work with Canada’s Top Home Insurance Brokers
Homeowners insurance doesn’t have to be impossible. Get free home insurance quotes with Sharp Insurance’s best and have us walk you through the process and how to acquire comprehensive coverage that doesn’t break the bank. We call it home insurance and not house insurance for good reason — because your house is your home, and we’ll help you protect it like it were ours.
Sharp Insurance is proud to offer a web portal and digital app through which you can access your homeowner’s insurance whenever and wherever you need it. Using these applications, you have the chance to download or print your pink card, submit claims, review coverage and request changes. It works on all mobile devices.
Sharp Insurance’s home insurance brokers work for you before any one insurance company and have connections with numerous home insurance providers in Canada. Thanks to this, we can get the most competitive home insurance quotes in the country — and with the protection you need.
Fill out a quote form today or give us a call to begin on your online home insurance quote ASAP.